© Micron Business | October 19, 2018
Micron to acquire remaining interest in IM Flash Technologies JV
The Boise, Idaho company is intending to exercise its right to call Intel's interest in the parties' joint venture, IM Flash Technologies, LLC (IM Flash). The acquisition will enable Micron to independently drive R&D and manufacturing of 3D XPoint technology and emerging memory roadmap at the Utah facility.
"Micron's acquisition of IM Flash demonstrates our strong belief that 3D XPoint technology and other emerging memories will provide a unique differentiator for the company and be an essential solution for new data-hungry applications," says Micron President and CEO Sanjay Mehrotra, in a press release. "This investment provides Micron with an established development and manufacturing facility and a highly skilled workforce with a strong track record of innovation and execution." Micron can exercise the call option starting January 1, 2019. The timeline to close the transaction is between six and twelve months after the date Micron exercises the call. The IM Flash joint venture is already consolidated in Micron's reported financial statements. At the time of close, Micron expects to pay approximately USD 1.5 billion in cash for the transaction, dissolving Intel's non-controlling interest in IM Flash as well as IM Flash member debt, which was approximately USD 1 billion as of August 30, 2018. In July 2018, Micron and Intel agreed to conclude their joint development of 3D XPoint technology after the completion of the second-generation node, which is expected to occur in the second half of Fiscal 2019. The two companies will independently drive their own future technology roadmaps. Micron is currently collaborating with ecosystem partners to introduce 3D XPoint products in late calendar 2019, with revenue ramp starting in calendar 2020. Joint manufacture of 3D XPoint memory will continue at the IM Flash facility in Lehi, Utah until the transaction is closed. Based on prior agreements, Micron will sell 3D XPoint memory wafers to Intel for up to a year after close. At the close of the transaction, IM Flash will become a wholly-owned subsidiary of Micron, and all IM Flash employees will become part of the Micron team.
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